EU's Barnier seeks 'political will' on bank union

European Union Commissioner Michel Barnier called on the bloc's finance ministers to dispel doubts about their "political will" to create a single bank supervisor, the Financial Times reported on Monday.

In an interview with the newspaper, the commissioner also expressed support for a cap on bankers' bonuses, criticised a voting system favoured by the United Kingdom and suggested EU law could eventually be changed to strengthen the banking union.

Ahead of a meeting of European finance ministers next week, which will test the likelihood of a deal on banking union being struck by the end of the year, Barnier emphasised the importance of reassuring the "fragile" markets.

"Now is the time to decide," the commissioner said. "We need to meet a deadline set by the heads of state. We need a political decision and that is possible."